How to encourage more women to get protection

All the wonderful ideas that are floating about currently will take time.

Even renting my first apartment and then buying my first home meant I needed an even bigger financial safety net, so I understood income protection was non-negotiable.

The same can be said for critical illness. Women suffer more critical illnesses, which should open many more conversations.

I can guarantee every new customer will know at least one woman who has had some form of cancer in their lifetime. Bills will still need to be paid, houses potentially altered, or even lump sums paid off mortgages.  

One of, if not the biggest, commitments that some women have is children. But what happens to them if you die? Having life cover in place means that there is one less thing to worry about if the worst happens.

The children may be able to go to the other parent, grandparent or family and friends but where does the money come from to clothe, feed, and put a roof over their heads? This highlights that everybody needs some form of cover in place, and it is up to us as an industry to make sure everyone understands what Is available to them.

I know we would cover as many outcomes as we could if that was in the art of the possible in our industry but, sadly, it is not.

Innovation does take place, but it is not usually at lightning speed and all the wonderful ideas that are floating about currently will take time. What we have seen is a massive increase in the added value sections of all insurers policies and this only continues to grow.

Mental health services are now included with most protection polices and are being claimed on by more women than men, due to the uneven share of home schooling, work, and household duties, following the pandemic.

Some have even gone as far as offering menopause support; a new topic that has not been explored before in financial services but is definitely making more women feel heard and understood. 

“May we raise them”

From previous articles of mine you will start to realise that “starting them young” is a big agenda point for me when it comes to broadening the protection market. 

Most people start their financial advice journey later than we would like, and this is down to failings in the education system. We have a captive audience that need to learn about financial provisions, but we do very little about it.